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This research report on the global hearing aids market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by product (Behind-the-Ear (BTE), receiver-in-the-ear (RITE), in-the-ear (ITE), in-the-canal (ITC), Completely-in-Canal (CIC), invisible-in-the-canal (IIC), patients (adults and children), distribution (retailers, independent practices, buying groups/networks, and government purchases/public organisations), hearing loss (sensorineural, conductive, and mixed hearing loss), technology (digital and analog), and geography (APAC, Europe, Latin America, MEA, and North America).
Hearing Aids Market: Dynamics
The demand for innovative and breakthrough products such as wireless/smart hearing devices is increasing among patient groups
The introduction of wireless technology and smart hearing aids is gaining prominence in the hearing devices industry. Manufacturers are coming up with wireless devices, which are embedded with Bluetooth, electromagnetic compatibility (telecoil), and frequency modulation (FM) compatibility. These devices provide better sound quality, improved localization, convenience and vastly increased connectivity to the end-user. Hence, with the growing focus on sound efficiency and comfortability, the demand for innovative and breakthrough products such as wireless/smart devices are increasing among patient groups.
Smart hearing aids are emerging as a popular and effective treatment option for any degree of auditory impairment, thereby contributing to the growth of the market. The automatic functionality in smart devices allows users to interact with the environment naturally while the device’s algorithms sort out noise and enhance the desired sound in real-time. Thus, the increased availability of a wide array of wireless/smart device will directly have a positive effect on the growth of the global hearing aids market during the forecast period.
Further, the manufacturers are acquiring other vendors to enhance their existing product portfolio, enter untapped markets, and increase the customer base. Thus, the global market is experiencing increased merger and acquisition activities, where global players are buying other key competitors to further strengthen their market position in the highly competitive global market. The global hearing aids market is expected to grow at a CAGR of over 4% during the period 2018–2024.
Hearing Aids Market: Segmentation
This market research report includes detailed market segmentation by product, distribution, patent group, hearing loss, technology, and geography.
Market by Product
The rising incidence of auditory impairment both in the adult and pediatric population is boosting the demand for ITE devices
With the growing incidences of auditory impairment disorders and the increasing adoption of hearing aids globally, vendors are focusing on offering innovative and advanced BTE devices. As BTE models are widely available at affordable prices, the adoption of these devices in emerging economies has been increasing over the years. In emerging economies, hearing aids, which are offered through public bodies and several buying groups, are mostly of the BTE type. However, vendors are focusing on developing advanced and innovative devices that are smaller or almost invisible. Hence, this segment is expected to witness slow growth during the forecast period.
The receiver-in-the-ear (RITE) segment is growing at a faster rate than other product types. RITE aids are highly used by the elderly population and offer high-level comfort to the user. Given their sophisticated designs, the segment is gaining traction in the global hearing devices market. Further, the rising incidence of auditory impairment both in the adult and pediatric population is boosting the demand for ITE devices.
Market by Patients
Favorable government initiatives are likely to push the market growth of the adult patient group segment
High incidences of auditory impairment in the elderly population and favorable government initiatives for hearing devices by health regulatory bodies are likely to boost the adult patient group segment during the forecast period. Healthcare bodies are focusing on identifying barriers to increase the penetration of the hearing aids market, improve access to care, and increase affordable services.
The children patient group segment, on the other hand, is expected to grow at a slower rate than the adult patient group segment due to the increasing acceptance of other alternatives such as cochlear implants.
Market by Technology
High acceptance of digital technology is expected to increase growth opportunities for vendors
The digital segment is gaining traction in the market due to the increased demand for invisible and aesthetically appealing devices with the enhanced listening experience. With increasing digitalization in the overall audiology care, a wide range of patients increasingly prefer digital products. Further, the rise in awareness of the availability of new treatment options is leading to the development and commercialization of digital and rechargeable hearing aids, which include Bluetooth, wireless connectivity, and iOS and Android compatibility. The introduction of artificial intelligence-enabled digital hearing aids, which use high-speed, high-definition computer programs to manage, separate, and help in focusing many layers of sound are growing.
The analog segment accounted for a share of 10%of the global hearing aids market. The high demand for advanced models, which include functionalities such as Bluetooth, wireless, is declining the growth of the analog segment.
Market by Hearing Loss
The growth in the sensorineural hearing loss patient population is driving the market for advanced BTE and ITE products
The sensorineural segment is the major revenue contributor to the global hearing aids market. The growth can be attributed to the growing incidence of disorder, especially sensorineural loss in the pediatric and adult population. Therefore, with the growing patient population, coupled with the availability of a wide range of advanced BTE and ITE products, the acceptance for treatment is increasing globally.
The conductive segment is growing because of the growing incidence of conductive hearing losses. This disorder is caused due to the obstruction or damage to the outer or middle ear. In the pediatric population, ear infections are the common cause of conductive disorder. Favorable government initiatives and increasing awareness about hearing care in developed and developing countries will have a positive impact on the growth of this segment.
The mixed hearing loss segment is growing slower than sensorineural and conductive segments. Although hearing aids are used only as an optional treatment option for mixed disorder, the market is expected to witness steady growth during the forecast period due to the rise in the occurrence of auditory impairment.
Market by Distribution
The hearing aids distribution system is witnessing a shift from specialized medical retail stores to multi-line retailers
Retailers are the major distributors as they sell a high volume regularly and are likely to dominate the market in the coming years. With the growing demand for hearing aids across geographies, the distribution system is witnessing a shift from specialized medical retail stores to multi-line retailers. The growing online retail is also becoming popular among end-users.
The Independent practices distribution segment is likely to grow at a moderate rate as it is not able to withstand competition from retailers and buyer groups. Individual practices distribution has the scope to distribute a large volume of hearing aids to patients. Further, the buying groups/networks distribution segment is likely to grow at a healthy rate as many healthcare facilities are becoming members of buyer groups. They are ordering a high volume of devices through these networks. Further, the distribution through governments and public organizations is also prevalent in several countries as they provide discounted/subsidized prices to specific patient groups.
Market by Geography
The North American region is likely to witness an absolute growth of around 28% during the forecast period
The growing prevalence of auditory impairments, especially in the baby boomer population, and the increase in market penetration of advanced and innovative devices are the major factors responsible for the market growth in North America. The region is likely to witness an absolute growth of around 28% during the forecast period, which is higher than the projected absolute growth of the global market.
The hearing aids market share in Europe is increasing due to the presence of highly sophisticated healthcare infrastructure, reimbursement facilities, increasing patient population, coupled with high awareness about the availability of hearing aids for treatment. Further, these products are becoming mainstream consumer products in Europe, thereby witnessing a high adoption among end-users. With the rising incidence of auditory impairment both in the adult and elderly population, the adoption rate has also increased at a steady rate over the past years. Also, the introduction of several government assistance programs is positively influencing the market growth.
Japan, China, South Korea, Australia, and India are the major revenue contributors to the market in the APAC region. The APAC market is growing at the fastest rate and is likely to witness similar growth during the forecast period. The region is likely to witness an incremental growth of $285 million during the forecast period. Some of the factors contributing to the region’s growth are the presence of a large pool of the patient population, improvements in healthcare infrastructure, increased healthcare expenditure, and favorable government financial support.
The adoption is increasing at a steady rate in Latin America. The market is likely to experience the growth due to the increased government support and the initiation of awareness campaigns by a few manufacturers to spread information about auditory impairment. In MEA, the UAE and South Africa are the major revenue contributors to the market. The market is expected to witness the growth due to the growing incidence of auditory impairment, high healthcare spends, the growing awareness of healthcare treatments, and the increasing middle-class population with high spending power.
- Saudi Arabia
- South Africa
- South Korea
Key Vendor Analysis
The market is highly competitive and subject to technological changes. Therefore, the competitive scenario is currently intensifying. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades. Further, the market is highly concentrated with key players accounting for commendable shares. Besides, the present market scenario is forcing vendors to alter and redefine their unique value proposition to achieve a strong market presence. They are competing to establish long-term relationships with healthcare providers and eye care professionals to increase their customer base.
- WS Audiology
- GN Store Nord
- Starkey Hearing Technologies
Other prominent vendors are Arphi Electronics, Audina Hearing Instruments, Century Hearing Aids, Eartechnic, Eargo, ExSilent, Horentek, IN4 Technology, Innerscope Hearing Technology, IntriCon, Loreca Hearing Aid, Microson, NewSound Hearing Aids, RION, SeboTek Hearing Systems, and Zounds Hearing.
Key Market Insights
The analysis of the global market provides market sizing and growth opportunities for the forecast period 2019–2024.
- Offers market sizing and growth prospects of the market for the forecast period 2019–2024.
- Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers.
- Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of market segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
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